Shruti Gautam
TLDR:
- Micron shares are trading at 52-week highs due to widespread adoption of AI in semiconductor stocks.
- Analyst Vijay Rakesh maintains Micron with a Buy rating and raises the price target from $100 to $105.
In a recent article by Benzinga, Micron Technology, Inc. (NASDAQ:MU) has seen its stock price increase as semiconductor stocks continue to climb amidst the growing adoption of artificial intelligence. Analyst Vijay Rakesh from Mizuho has maintained Micron with a Buy rating and raised the price target from $100 to $105. This increase in price target is attributed to Micron’s improving margin profiling and high-bandwidth memory tailwinds.
Recently, Micron announced collaborations with Samsung Electronics Co. and Nvidia Corporation, further boosting investor confidence in the company’s growth prospects. The integration of Micron’s memory and storage solutions in Samsung’s Galaxy S24 series and Nvidia’s GPUs showcase the company’s strong position in the AI market. Mizuho believes that Micron’s partnership with Nvidia will continue to drive growth for the company beyond 2025.
Looking ahead, Wall Street analysts predict a positive outlook for Micron based on trend analysis. With a historical annualized stock performance of 17.55%, analysts foresee Micron’s stock trading at $214.35 in the next 5 years. Currently, Micron shares are up 5.28% at $95.39, reflecting investor optimism in the company’s future prospects.
